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Conveyancing Fees

Conveyancing Fees Explained

When considering a residential / commercial property or even a land transaction, it is important to consider the level of conveyancing fees. However, it can be confusing for the general public as not  everyone is sure what the normal fees cover and what should be included in their solicitors fees quote.

What make up the Conveyancing Fees?

Conveyancing costs are composed of two separate items:

  • Profit Costs

This is what the solicitors or licensed conveyancers charge for their services and their time. It is these profit conveyancing costs,  that the conveyancing firm have control over and therefore the area where you can save the most money.

The profit element is conveyancing fees and other charges that the firm of solicitors or licensed conveyancers make. The total charges in this part of the conveyancing costs may be split up in to different headings by the  law firm, however it is the bottom line total and VAT that you should  be looking for. For example, some solicitor firms may charge an all  inclusive fee, which will include all costs that a firm might reasonably be  expected to charge for. However, some firms will break these costs out  separately, therefore giving a lower “legal fee” and charging extra for required services. Most firms will always charge separately for a bank transfer (also known as a telegraphic transfer). Other fees that you should ensure are  included in the profit costs section of your conveyancing fees are acting for  your mortgage lender whether on the sale, remortgage or purchase of a property,  completing and filing the Stamp Duty Land Tax Form and all letters and  telephone calls.

  • What exactly are disbursements?

These include all the payments that are made by your conveyancer to a third party on  your behalf. For a full list of these see our disbursements link here

  • Freehold Purchase

Land Registry Fee (which is  dependent on the value of the property)

Bankruptcy Search (currently £2 per  person)

Land Registry Search (currently £4 per person)

Local Authority Search (dependent on the local Council)

Drainage Search (depends on the local  water board) and then any area specific searches such as coal mining or tin mining.

These are the general items that you can expect to be  included in your conveyancing fees and that you should ensure are  included when comparing different legal fees charged by different  companies.

 Conveyancing Fees from CMS

 

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